For each company on the list of restricted companies, PERA is required to send a written notice informing the company of its status and that it may become subject to divestment by PERA. If a company ceases activity that designates it as a restricted company, PERA will remove the company from the list. If a company remains a restricted company 180 days following PERA's first engagement with the company, PERA is required to divest all direct holdings of the restricted company from its assets. If on the date of divestment PERA does not own direct holdings in a company on the list of restricted companies, PERA is prohibited from acquiring direct holdings in any company on the list of restricted companies during the time that it remains on the list.
Upon request, and at least annually, PERA is required to make available on its website information regarding investments sold, redeemed, divested, or withdrawn in compliance with the act. PERA may cease divesting from companies under specified circumstances, based on the value of the investments.
(Note: This summary applies to this bill as enacted.)